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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from __________to__________
Commission File Number: 001-36523 (Urban Edge Properties)
Commission File Number: 333-212951-01 (Urban Edge Properties LP)
URBAN EDGE PROPERTIES
URBAN EDGE PROPERTIES LP
(Exact name of Registrant as specified in its charter)
Maryland
(Urban Edge Properties)
 
47-6311266
Delaware
(Urban Edge Properties LP)
 
36-4791544
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)
 
 
 
 
 
888 Seventh Avenue
New York
New York
 
10019
(Address of Principal Executive Offices)
 
(Zip Code)
Registrant’s telephone number including area code:
(212)
956‑2556
 
 
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
 
 
Title of class of registered securities
Trading symbol
Name of exchange on which registered
Common shares of beneficial interest, par value $0.01 per share
UE
The New York Stock Exchange
_______________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Urban Edge Properties    Yes x   NO o         Urban Edge Properties LP     Yes x   NO o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  
Urban Edge Properties    Yes  x   NO o         Urban Edge Properties LP     Yes x   NO o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Urban Edge Properties:
Large Accelerated Filer
x
Accelerated Filer o        
Non-Accelerated Filer o                             
Smaller Reporting Company
Emerging Growth Company
Urban Edge Properties LP:
Large Accelerated Filer o                              
Accelerated Filer o                              
Non-Accelerated Filer
x
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.
Urban Edge Properties o                   Urban Edge Properties LP o   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Urban Edge Properties    YES  NO x         Urban Edge Properties LP     YES   NO x
As of July 26, 2019, Urban Edge Properties had 121,171,003 common shares outstanding.




URBAN EDGE PROPERTIES AND URBAN EDGE PROPERTIES LP
QUARTERLY REPORT ON FORM 10-Q
QUARTER ENDED JUNE 30, 2019

TABLE OF CONTENTS

 
 
 
 
 
 
 
 
 
 
Financial Statements
 
 
 
 
Consolidated Financial Statements of Urban Edge Properties:
 
 
 
 
Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 (unaudited)
 
 
 
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2019 and 2018 (unaudited)
 
 
 
Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2019 and 2018 (unaudited)
 
 
 
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018 (unaudited)
 
 
 
Consolidated Financial Statements of Urban Edge Properties LP:
 
 
 
 
Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 (unaudited)
 
 
 
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2019 and 2018 (unaudited)
 
 
 
Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2019 and 2018 (unaudited)
 
 
 
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018 (unaudited)
 
 
 
Urban Edge Properties and Urban Edge Properties LP
 
 
 
 
Notes to Consolidated Financial Statements (unaudited)
 
Item 2.
 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
Item 3.
 
Quantitative and Qualitative Disclosures about Market Risk
 
Item 4.
 
Controls and Procedures
 
 
 
 
 
 
 
 
PART II
 
 
 
 
 
 
 
Item 1.
 
Legal Proceedings
 
Item 1A.
 
Risk Factors
 
Item 2.
 
Unregistered Sales of Equity Securities and Use of Proceeds
 
Item 3.
 
Defaults Upon Senior Securities
 
Item 4.
 
Mine Safety Disclosures
 
Item 5.
 
Other Information
 
Item 6.
 
Exhibits
 
 
 
Signatures
 
 
 
 
 
 







EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2019 of Urban Edge Properties and Urban Edge Properties LP. Unless stated otherwise or the context otherwise requires, references to “UE” and “Urban Edge” mean Urban Edge Properties, a Maryland real estate investment trust (“REIT”), and references to “UELP” and the “Operating Partnership” mean Urban Edge Properties LP, a Delaware limited partnership. References to the “Company,” “we,” “us” and “our” mean collectively UE, UELP and those entities/subsidiaries consolidated by UE.
UELP is the entity through which we conduct substantially all of our business and own, either directly or through subsidiaries, substantially all of our assets. UE is the sole general partner and also a limited partner of UELP. As the sole general partner of UELP, UE has exclusive control of UELP’s day-to-day management.
As of June 30, 2019, UE owned an approximate 95.1% ownership interest in UELP. The remaining approximate 4.9% interest is owned by limited partners. The other limited partners of UELP are members of management, our Board of Trustees and contributors of property interests acquired. Under the limited partnership agreement of UELP, unitholders may present their common units of UELP for redemption at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time). Upon presentation of a common unit for redemption, UELP must redeem the unit for cash equal to the then value of a share of UE’s common shares, as defined by the limited partnership agreement. In lieu of cash redemption by UELP, however, UE may elect to acquire any common units so tendered by issuing common shares of UE in exchange for the common units. If UE so elects, its common shares will be exchanged for common units on a one-for-one basis. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. UE generally expects that it will elect to issue its common shares in connection with each such presentation for redemption rather than having UELP pay cash. With each such exchange or redemption, UE’s percentage ownership in UELP will increase. In addition, whenever UE issues common shares other than to acquire common units of UELP, UE must contribute any net proceeds it receives to UELP and UELP must issue to UE an equivalent number of common units of UELP. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.
The Company believes that combining the quarterly reports on Form 10-Q of UE and UELP into this single report provides the following benefits:
enhances investors’ understanding of UE and UELP by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation because a substantial portion of the disclosure applies to both UE and UELP; and
creates time and cost efficiencies throughout the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between UE and UELP in the context of how UE and UELP operate as a consolidated company. The financial results of UELP are consolidated into the financial statements of UE. UE does not have any other significant assets, liabilities or operations, other than its investment in UELP, nor does it have employees of its own. UELP, not UE, generally executes all significant business relationships other than transactions involving the securities of UE. UELP holds substantially all of the assets of UE. UELP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by UE, which are contributed to the capital of UELP in exchange for units of limited partnership in UELP, as applicable, UELP generates all remaining capital required by the Company’s business. These sources may include working capital, net cash provided by operating activities, borrowings under the revolving credit agreement, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties.
Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of UE and UELP. The limited partners of UELP are accounted for as partners’ capital in UELP’s financial statements and as noncontrolling interests in UE’s financial statements. The noncontrolling interests in UELP’s financial statements include the interests of unaffiliated partners in consolidated entities. The noncontrolling interests in UE’s financial statements include the same noncontrolling interests at UELP’s level and limited partners of UELP. The differences between shareholders’ equity and partners’ capital result from differences in the equity issued at UE and UELP levels.
To help investors better understand the key differences between UE and UELP, certain information for UE and UELP in this report has been separated, as set forth below: Item 1. Financial Statements (unaudited), which includes specific disclosures for UE and UELP, Note 14, Equity and Noncontrolling Interest and Note 16, Earnings Per Share and Unit.
This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of UE and UELP in order to establish that the requisite certifications have been made and that UE and UELP are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.




PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
URBAN EDGE PROPERTIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share amounts)
 
June 30,
 
December 31,
 
2019
 
2018
ASSETS

 
 

Real estate, at cost:
 

 
 

Land
$
516,177

 
$
525,819

Buildings and improvements
2,155,036

 
2,156,113

Construction in progress
78,320

 
80,385

Furniture, fixtures and equipment
7,066

 
6,675

Total
2,756,599

 
2,768,992

Accumulated depreciation and amortization
(661,909
)
 
(645,872
)
Real estate, net
2,094,690

 
2,123,120

Right-of-use assets
85,404

 

Cash and cash equivalents
412,126

 
440,430

Restricted cash
51,473

 
17,092

Tenant and other receivables, net of allowance for doubtful accounts of $6,486 as of December 31, 2018
32,643

 
28,563

Receivable arising from the straight-lining of rents, net of $134 as of December 31, 2018
77,189

 
84,903

Identified intangible assets, net of accumulated amortization of $29,479 and $39,526, respectively
51,618

 
68,422

Deferred leasing costs, net of accumulated amortization of $16,615 and $16,826, respectively
20,667

 
21,277

Deferred financing costs, net of accumulated amortization of $3,276 and $2,764, respectively
1,723

 
2,219

Prepaid expenses and other assets
30,886

 
12,968

Total assets
$
2,858,419

 
$
2,798,994

 
 
 
 
LIABILITIES AND EQUITY
 

 
 

Liabilities:
 
 
 
Mortgages payable, net
$
1,548,944

 
$
1,550,242

Lease liabilities
83,050

 

Accounts payable, accrued expenses and other liabilities
85,034

 
98,517

Identified intangible liabilities, net of accumulated amortization of $66,613 and $65,058, respectively
131,705

 
144,258

Total liabilities
1,848,733

 
1,793,017

Commitments and contingencies


 


Shareholders’ equity:
 
 
 
Common shares: $0.01 par value; 500,000,000 shares authorized and 121,171,003 and 114,345,565 shares issued and outstanding, respectively
1,212

 
1,143

Additional paid-in capital
1,015,470

 
956,420

Accumulated deficit
(56,580
)
 
(52,857
)
Noncontrolling interests:
 
 
 
Operating partnership
49,157

 
100,822

Consolidated subsidiaries
427

 
449

Total equity
1,009,686

 
1,005,977

Total liabilities and equity
$
2,858,419

 
$
2,798,994

 

See notes to consolidated financial statements (unaudited).

1



URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except share and per share amounts)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
REVENUE
 
 
 
 
 
 
 
Rental revenue
$
101,488

 
$
100,768

 
$
198,796

 
$
199,162

Management and development fees
308

 
347

 
660

 
689

Other income
951

 
855

 
1,023

 
1,172

Total revenue
102,747

 
101,970

 
200,479

 
201,023

EXPENSES
 
 
 
 
 
 
 
Depreciation and amortization
22,567

 
30,441

 
44,397

 
51,711

Real estate taxes
15,221

 
15,587

 
30,698

 
31,362

Property operating
14,416

 
21,765

 
31,477

 
39,668

General and administrative
10,010

 
8,236

 
20,590

 
15,877

Casualty and impairment loss (gain), net(1) 
5,112

 
35

 
9,070

 
(1,306
)
Lease expense
3,896

 
2,752

 
7,551

 
5,488

Total expenses
71,222

 
78,816

 
143,783

 
142,800

Gain on sale of real estate
11,550

 
50,440

 
28,503

 
50,440

Interest income
2,458

 
2,031

 
4,964

 
3,555

Interest and debt expense
(16,472
)
 
(15,659
)
 
(33,008
)
 
(31,303
)
Gain on extinguishment of debt

 

 

 
2,524

Income before income taxes
29,061

 
59,966

 
57,155

 
83,439

Income tax expense
(994
)
 
(192
)
 
(1,196
)
 
(626
)
Net income
28,067

 
59,774

 
55,959

 
82,813

Less net (income) loss attributable to noncontrolling interests in:
 
 
 
 
 
 
 
Operating partnership
(1,518
)
 
(6,025
)
 
(3,873
)
 
(8,353
)
Consolidated subsidiaries
22

 
(12
)
 
22

 
(23
)
Net income attributable to common shareholders
$
26,571

 
$
53,737

 
$
52,108

 
$
74,437

 
 
 
 
 
 
 
 
Earnings per common share - Basic:
$
0.22

 
$
0.47

 
$
0.44

 
$
0.65

Earnings per common share - Diluted:
$
0.22

 
$
0.47

 
$
0.44

 
$
0.65

Weighted average shares outstanding - Basic
120,364

 
113,739

 
118,330

 
113,708

Weighted average shares outstanding - Diluted
120,461

 
113,942

 
118,436

 
114,151

(1) Refer to Note 2 to the unaudited consolidated financial statements in Part I, Item I of this Quarterly Report on Form 10-Q.

See notes to consolidated financial statements (unaudited).


2



URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited)
(In thousands, except share and per share amounts)
 
Common Shares
 
 
 
 
 
Noncontrolling Interests (“NCI”)
 
 
 
Shares
 
Amount

 
Additional
Paid-In Capital
 
Accumulated Earnings
(Deficit)
 
Operating Partnership
 
Consolidated Subsidiaries
 
Total Equity
Balance, March 31, 2018
113,923,724

 
$
1,139

 
$
947,815

 
$
(61,975
)
 
$
100,036

 
$
415

 
$
987,430

Net income attributable to common shareholders

 

 

 
53,737

 

 

 
53,737

Net income attributable to noncontrolling interests

 

 

 

 
6,025

 
12

 
6,037

Limited partnership interests:
 
 
 
 
 
 
 
 
 
 
 
 
 
Units redeemed for common shares
60,000

 
1

 
491

 

 

 

 
492

Reallocation of noncontrolling interests

 

 
1,136

 

 
(1,628
)
 

 
(492
)
Common shares issued
21,584

 
1

 
383

 
(36
)
 

 

 
348

Dividends on common shares ($0.22 per share)

 

 

 
(25,040
)
 

 

 
(25,040
)
Distributions to redeemable NCI ($0.22 per unit)

 

 

 

 
(2,780
)
 

 
(2,780
)
Share-based compensation expense

 

 
1,154

 
7

 
1,061

 

 
2,222

Share-based awards retained for taxes
(1,032
)
 
(1
)
 
(21
)
 

 

 

 
(22
)
Balance, June 30, 2018
114,004,276

 
$
1,140

 
$
950,958

 
$
(33,307
)
 
$
102,714

 
$
427

 
$
1,021,932


 
Common Shares
 
 
 
 
 
Noncontrolling Interests (“NCI”)
 
 
 
Shares
 
Amount

 
Additional
Paid-In Capital
 
Accumulated Earnings
(Deficit)
 
Operating Partnership
 
Consolidated Subsidiaries
 
Total Equity
Balance, March 31, 2019
120,099,294

 
$
1,201

 
$
1,005,129

 
$
(56,663
)
 
$
55,976

 
$
449

 
$
1,006,092

Net income attributable to common shareholders

 

 

 
26,571

 

 

 
26,571

Net income (loss) attributable to noncontrolling interests

 

 

 

 
1,518

 
(22
)
 
1,496

Limited partnership interests:
 
 
 
 
 
 
 
 
 
 
 
 
 
Units redeemed for common shares
1,049,508

 
11

 
8,155

 

 

 

 
8,166

Reallocation of noncontrolling interests

 

 
536

 

 
(8,702
)
 

 
(8,166
)
Common shares issued
24,365

 

 
314

 
(35
)
 

 

 
279

Dividends to common shareholders ($0.22 per share)

 

 

 
(26,453
)
 

 

 
(26,453
)
Distributions to redeemable NCI ($0.22 per unit)

 

 

 

 
(1,553
)
 

 
(1,553
)
Share-based compensation expense

 

 
1,377

 

 
1,918

 

 
3,295

Share-based awards retained for taxes
(2,164
)
 

 
(41
)
 

 

 

 
(41
)
Balance, June 30, 2019
121,171,003

 
$
1,212

 
$
1,015,470

 
$
(56,580
)
 
$
49,157

 
$
427

 
$
1,009,686


See notes to consolidated financial statements (unaudited).


3



 
Common Shares
 
 
 
 
 
Noncontrolling Interests (“NCI”)
 
 
 
Shares
 
Amount

 
Additional
Paid-In Capital
 
Accumulated Earnings
(Deficit)
 
Operating Partnership
 
Consolidated Subsidiaries
 
Total Equity
Balance, December 31, 2017
113,827,529

 
$
1,138

 
$
946,402

 
$
(57,621
)
 
$
100,218

 
$
404

 
$
990,541

Net income attributable to common shareholders

 

 

 
74,437

 

 

 
74,437

Net income attributable to noncontrolling interests

 

 

 

 
8,353

 
23

 
8,376

Limited partnership interests:
 
 
 
 
 
 
 
 
 
 
 
 
 
Units redeemed for common shares
70,000

 
1

 
570

 

 

 

 
571

Reallocation of noncontrolling interests

 

 
1,620

 

 
(2,191
)
 

 
(571
)
Common shares issued
123,937

 
2

 
423

 
(101
)
 

 

 
324

Dividends to common shareholders ($0.44 per share)

 

 

 
(50,037
)
 

 

 
(50,037
)
Distributions to redeemable NCI ($0.44 per unit)

 

 

 

 
(5,566
)
 

 
(5,566
)
Share-based compensation expense

 

 
2,327

 
15

 
1,900

 

 
4,242

Share-based awards retained for taxes
(17,190
)
 
(1
)
 
(384
)
 

 

 

 
(385
)
Balance, June 30, 2018
114,004,276

 
$
1,140

 
$
950,958

 
$
(33,307
)
 
$
102,714

 
$
427

 
$
1,021,932


 
Common Shares
 
 
 
 
 
Noncontrolling Interests (“NCI”)
 
 
 
Shares
 
Amount

 
Additional
Paid-In Capital
 
Accumulated Earnings
(Deficit)
 
Operating Partnership
 
Consolidated Subsidiaries
 
Total Equity
Balance, December 31, 2018
114,345,565

 
$
1,143

 
$
956,420

 
$
(52,857
)
 
$
100,822

 
$
449

 
$
1,005,977

Net income attributable to common shareholders

 

 

 
52,108

 

 

 
52,108

Net income (loss) attributable to noncontrolling interests

 

 

 

 
3,873

 
(22
)
 
3,851

Impact of ASC 842 adoption

 

 

 
(2,918
)
 

 

 
(2,918
)
Limited partnership interests:
 
 
 
 
 
 
 
 
 
 
 
 
 
Units redeemed for common shares
6,811,692

 
68

 
54,245

 

 

 

 
54,313

Reallocation of noncontrolling interests

 

 
1,786

 

 
(56,099
)
 

 
(54,313
)
Common shares issued
45,022

 
1

 
383

 
(70
)
 

 

 
314

Dividends to common shareholders ($0.44 per share)

 

 

 
(52,843
)
 

 

 
(52,843
)
Distributions to redeemable NCI ($0.44 per unit)

 

 

 

 
(3,129
)
 

 
(3,129
)
Share-based compensation expense

 

 
3,269

 

 
3,690

 

 
6,959

Share-based awards retained for taxes
(31,276
)
 

 
(633
)
 

 

 

 
(633
)
Balance, June 30, 2019
121,171,003

 
$
1,212

 
$
1,015,470

 
$
(56,580
)
 
$
49,157

 
$
427

 
$
1,009,686



See notes to consolidated financial statements (unaudited).

4



URBAN EDGE PROPERTIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 
 
Six Months Ended June 30,
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 

 
 

Net income
$
55,959

 
$
82,813

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Depreciation and amortization
44,231

 
52,045

Real estate impairment loss
22,653

 

Gain on sale of real estate
(28,503
)
 
(50,440
)
Gain on extinguishment of debt

 
(2,524
)
Amortization of deferred financing costs
1,439

 
1,440

Amortization of below market leases, net
(11,802
)
 
(10,455
)
Amortization of right-of-use assets
4,448

 

Straight-lining of rent
37

 
182

Share-based compensation expense
6,959

 
4,242

Provision for doubtful accounts

 
2,509

Change in operating assets and liabilities:
 

 
 

Tenant and other receivables
(3,927
)
 
(7,083
)
Deferred leasing costs
(1,874
)
 
(1,823
)
Prepaid and other assets
(95
)
 
2,907

Accounts payable, accrued expenses and other liabilities
(12,688
)
 
2,883

Net cash provided by operating activities
76,837

 
76,696

CASH FLOWS FROM INVESTING ACTIVITIES
 

 
 

Real estate development and capital improvements
(50,631
)
 
(56,279
)
Acquisition of real estate

 
(4,931
)
Proceeds from sale of operating properties
33,821

 
54,303

Insurance proceeds
4,400

 
1,000

Net cash used in investing activities
(12,410
)
 
(5,907
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

Debt repayments
(2,059
)
 
(1,979
)
Dividends to common shareholders
(52,843
)
 
(50,037
)
Distributions to redeemable noncontrolling interests
(3,129
)
 
(5,566
)
Taxes withheld for vested restricted shares
(633
)
 
(385
)
Proceeds related to the issuance of common shares
314

 
324

Net cash used in financing activities
(58,350
)
 
(57,643
)
Net increase in cash and cash equivalents and restricted cash
6,077

 
13,146

Cash and cash equivalents and restricted cash at beginning of period
457,522

 
500,841

Cash and cash equivalents and restricted cash at end of period
$
463,599

 
$
513,987


See notes to consolidated financial statements (unaudited).


5



 
Six Months Ended June 30,
 
2019
 
2018
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
 
 
 
Cash payments for interest net of amounts capitalized of $989 and $2,423, respectively
$
32,478

 
$
33,340

Cash payments for income taxes
1,571

 
637

Cash payments for lease liabilities
4,971

 

NON-CASH INVESTING AND FINANCING ACTIVITIES
 
 
 
Accrued capital expenditures included in accounts payable and accrued expenses
15,463

 
27,574

Write-off of fully depreciated and impaired assets
38,101

 
9,918

Operating lease liabilities arising from obtaining right-of-use assets
98,980

 

Mortgage debt forgiven in foreclosure

 
11,537

RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period
$
440,430

 
$
490,279

Restricted cash at beginning of period
17,092

 
10,562

Cash and cash equivalents and restricted cash at beginning of period
$
457,522

 
$
500,841

 
 
 
 
Cash and cash equivalents at end of period
$
412,126

 
$
500,930

Restricted cash at end of period
51,473

 
13,057

Cash and cash equivalents and restricted cash at end of period
$
463,599

 
$
513,987


 See notes to consolidated financial statements (unaudited).

6



URBAN EDGE PROPERTIES LP
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except unit and per unit amounts)
 
June 30,
 
December 31,
 
2019
 
2018
ASSETS

 
 

Real estate, at cost:
 

 
 

Land
$
516,177

 
$
525,819

Buildings and improvements
2,155,036

 
2,156,113

Construction in progress
78,320

 
80,385

Furniture, fixtures and equipment
7,066

 
6,675

Total
2,756,599

 
2,768,992

Accumulated depreciation and amortization
(661,909
)
 
(645,872
)
Real estate, net
2,094,690

 
2,123,120

Right-of-use assets
85,404

 

Cash and cash equivalents
412,126

 
440,430

Restricted cash
51,473

 
17,092

Tenant and other receivables, net of allowance for doubtful accounts of $6,486 as of December 31, 2018
32,643

 
28,563

Receivable arising from the straight-lining of rents, net of $134 as of December 31, 2018
77,189

 
84,903

Identified intangible assets, net of accumulated amortization of $29,479 and $39,526, respectively
51,618

 
68,422

Deferred leasing costs, net of accumulated amortization of $16,615 and $16,826, respectively
20,667

 
21,277

Deferred financing costs, net of accumulated amortization of $3,276 and $2,764, respectively
1,723

 
2,219

Prepaid expenses and other assets
30,886

 
12,968

Total assets
$
2,858,419

 
$
2,798,994

 
 
 
 
LIABILITIES AND EQUITY
 

 
 

Liabilities:
 
 
 
Mortgages payable, net
$
1,548,944

 
$
1,550,242

Lease liabilities
83,050

 

Accounts payable, accrued expenses and other liabilities
85,034

 
98,517

Identified intangible liabilities, net of accumulated amortization of $66,613 and $65,058, respectively
131,705

 
144,258

Total liabilities
1,848,733

 
1,793,017